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“We are getting into the festive half of the year – July-August-September and the October-November-December quarters tend to be seasonally better quarters for us. So we remain cautiously optimistic for the rest of the year. Nykaa Fashion has grown faster than beauty having delivered almost a 59% growth in GMV year over year. That business continues to grow and gain traction.”

"Current valuations provide a good entry point for long-term investors. At current levels, stock picking and sector rotation would be keys to achieving outperformance," domestic brokerage Axis Securities said in its monthly strategy report.

The 30-share pack Sensex advanced 465.14 points or 0.80 per cent to close at 58,853.07. Its broader peer, Nifty50, added 127.60 points or 0.73 per cent to close comfortably above the 17,500 mark. The benchmark has managed to close above 17,500 for the first time since April 12, 2022.

In May, the government had scrapped the BPCL divestment process as there was just one bidder left in the fray after the two others dropped out due to their inability to tie up funds for the acquisition, an official said. New Delhi had put up its entire 52.98 per cent stake in BPCL for divestment.

Marico Ltd., incorporated in the year 1988, is a Large Cap company (having a market cap of Rs 67755.83 Crore) operating in FMCG sector.

A total of 79,688 shares changed hands on the counter till time (IST).

“What we are seeing right now is a rerating of the auto business and that is happening because of the successes that we are seeing on the SUV side plus an implied valuation coming out of the new EV business with an investment from DIIs which valued the new business at $9 billion. It is the effect of that which is driving the stock price up because the auto business was really completely undervalued.”

“We are equally confident about the rest of the year and in fact the next few years going forward because of fundamental aspects of the Indian economy and the relentless surge that we will see towards becoming a more affluent nation. Also, the pooja season is coming into Q2 this year as opposed to being in October last year. So we expect the growth run of Q1 to continue.”

A total of 20,754 shares changed hands on the counter till 01:19PM (IST)

Morgan Stanley has also raised its revenue estimates by 5-9 per cent on the stock. "Our price target increases to Rs 785 given the roll-forward of valuations by 6 months, higher earnings, and slightly higher valuation multiples (EV/revenue) at US peer firms," it said.